Life Insurance for Senior Citizens – Does Your Spouse Need Coverage?

Obtaining life insurance for senior citizens must be a priority for elderly who still have dependents. Even if you no longer have kids to raise, your spouse still needs coverage. In case of your sudden death, she/he will be the most devastated. But this unfortunate event will have unpleasant consequences not only on the moral of your spouse, but also on the budget.

Accounting Series - Reviewing Tax BookletEven as a retired person, you are still earning money that is vital for the stability of the family. Learn to protect your family by purchasing senior life insurance.

When we think about life insurance, term life insurance is the first policy that runs through our mind. It is the most known policy and probably the most appreciated one, because it offers low cost premiums and temporary protection which can be extended if the insured wants that.

Well, all term life insurance policies have initial premiums cheaper than the future one. The problem is how to qualify for term life as a senior and how expensive the initial premiums will be. Also, the death benefit pays off only if you die while under coverage, otherwise, you will gain no benefit.

Whole life insurance and no medical exam life insurance are other 2 alternatives. The first policy offers lifetime protection in exchange for locked value premiums, while the second one is available for people that normally would not qualify for the standard policies mentioned before.

No matter what you choose, make sure that the death benefit will suffice your spouse for a relatively fair amount of time. Life insurance must be regarded as an income replacement method. You should calculate your existing debt (mortgage, bank loans, credit card debts and so on) and purchase a life insurance that will cover at least the existing debts if you die.

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